ETH course analysis – Entry into new Upward Channel?

After a rise to up to 0.083 BTC (151.86 EUR), the price fell to up to 0.065 BTC (118.92 EUR), but is currently back at 0.075 BTC (137.22 EUR).

Summary of the news spy

The share price rose in two stages according to the news spy to a new all-time high of 0.083 BTC (151.86 EUR). Since 21 May, the price has been in a slight triangle pattern, which is bullish. After a test of the support of the triangle pattern mentioned the price could rise, tests the resistance of the same and now stands at 0.075 BTC (137.22 EUR).
As in the case of Bitcoin, the share price has fallen. With regard to the value pair ETH BTC, however, the price drop was not dramatic. In fact, the price even rose by 25% overall and is stable above EMA24 and EMA48, so that currently everything looks like a bullish crossing of both moving averages.

The bullish picture is confirmed by the Bitcoin secret

The MACD (second panel from above) rose above zero today. Accordingly, the MACD line (blue) is above the signal (orange), so that the MACD as a whole speaks a bullish language. What worries one a little is that the MACD line is currently falling again, but this trend does not yet sadden the bullish character of the Bitcoin secret indicator.

At 51, the RSI (third panel from above) is slightly bullish at best. It was slightly higher, but has dropped in the last few hours.

The 60min chart is looking slightly bullish on the price side. However, we will have to see how the price behaves on the support described by the EMAs. For further consideration, we therefore look at the medium- to long-term charts.

The long-term course development: A variant of the triangle pattern mentioned above is shown here. According to last week’s price minima and maxima, it looks as if the slightly negative triangle pattern will be exited on May 29th at the latest.

The MACD is positive. Although the MACD line is below the signal, it was able to bounce at the zero line and is now aiming for a bullish crossing with the signal. The RSI is also bullish with 55. Overall, the 240min chart is bullish.

Beside the already existing Upward Channel the name giver for this price analysis is represented: Since the end of April the price seems to be in a new, slightly steeper Upward Channel. We will observe whether it remains in this channel. We also see that the price has tested the EMA31 several times.

Anyway, the MACD is positive, additionally the MACD line is above the signal. The RSI is currently at 67 and is bullish as well.

The long-term forecast is bullish according to price, trend and MACD. Overall, the forecasts are therefore positive for the time being. We will have to see how the price currently behaves at the supports described by the EMAs on the 60min chart.

But even if this support does not hold one should not worry immediately and see immediately a decline; even the support of the current Upward Channel lies under 0,06 BTC and thus with approximately 110 euro. At the latest, it will then become clear whether the current uptrend can be maintained.

HUSD: The stable coin solution of the Bitcoin stock exchange Huobi

The Bitcoin exchange Huobi is planning its own stable coin solution. However, instead of issuing a new token, as is currently the case with many others, the company is working on a solution to connect the existing coins.

Stable coins are a controversial issue in the Bitcoin ecosystem. Although they are theoretically very practical, they promise a one-to-one mapping of fiat currencies such as the US dollar. This allows one to switch directly between crypto and fiat when trading on the Bitcoin exchanges, without having to go through any bank accounts.

In practice, however, doubts repeatedly arise about the supposed stability of stable coins. As the Tether case has recently shown, there are currently still some problems in the implementation. Even in the sheer mass of stable coins, you can sometimes ask yourself the question: Do we really need several stable coins? A stable currency should actually be enough.

Huobi launches new stable coin for stable coins with HUSD

Be that as it may, the Bitcoin exchange Huobi is now throwing its own stable coin onto the market, which in turn is to represent other stable coins: the HUSD. According to the official announcement, Huobi wants to release a stable coin, which represents a total of four stable coins. These are Paxos Standard (PAX), TrueUSD (TUSD), USD Coin (USDC) and Gemini Dollars (GUSD). If you transfer stable coins to your Huobi account in the future, the stable coin balance will be displayed directly in HUSD – a conversion and an exchange into one of the stable coins will be done directly by the exchange’s own token.

Bitcoin trading pair is still to come

As you can see from the blog post, the Stable Coins PAX, TUSD, USDC and GUSD can be deposited on the exchange from October 16th. The trading pair USDT/HUSD for Tether will be available on the Bitcoin exchange from 22 October. The BTC/HUSD and ETH/HUSD trading pair will probably have to wait some time. Huobi first wants to evaluate the “market conditions”.

Phillip HorchPhillip Horch is head of the BTC-ECHO service and responsible for the structuring and planning of editorial content. He gained several years of editorial experience during his studies and then worked as a freelance journalist before joining BTC-ECHO as an editor in January 2018. Phillip holds a Master’s degree in Literature, Art and Media Studies from the University of Constance and the Universidad de Valparaíso.